NYC Tenants Battered by Rising Rents Finally Get a Break: Chart
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Manhattan landlords offered tenants more enticements last month in a bid to combat rising vacancies after almost two years of unrelenting rent increases. Concessions such as a month’s free rent or payment of broker’s fees were given in 16.4 percent of newly signed leases, the biggest share since January 2011, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. While rents climbed 1.5 percent from a year earlier, the increase was just 0.2 percent with the value of concessions factored in, to a median of $3,261. “Part of this is basic affordability,” said Jonathan Miller, president of Miller Samuel. “Wage growth hasn’t kept pace with rent growth, so we’re just seeing growing resistance to rising rents.”…
NYC Tenants Battered by Rising Rents Finally Get a Break: Chart
